PERS California state employees are eligible for mortgages that follow standard FHA, conventional and jumbo formats; however, PERS loans have limits on the amount of fees that can be charged and have the ability to “float down” the rate if the mortgage rate drops during the time it takes to close the loan. Rates for PERS loans are standard from lender to lender. Talk to a loan counselor at (916) 635-6737 to get current rates for PERS loans.